In 2022, the crypto lending company Celsius Network and the cryptocurrency exchange FTX made headlines with their bankruptcies, shaking the market. The asset sales of both companies are ongoing. On-chain data provider Spot On Chain reported that in the last 10 hours, both institutions transferred assets worth $59.06 million to centralized cryptocurrency exchanges.
Celsius and FTX Keep Unloading Assets to the Market
According to the latest findings by Spot On Chain, Celsius Network and FTX have moved 6 altcoins worth $59.06 million to centralized cryptocurrency exchanges in the last 10 hours. The data shows that about 10 hours ago, Celsius Network transferred 22,500 Ethereum (ETH) valued at $50.78 million, at a price of $2,257 each, to the Coinbase exchange.
Following the sale of ETH worth $50.78 million, Celsius Network has 30,969 ETH left, valued at $90.9 million. Market observers expect the company to sell these ETH holdings soon.
FTX and its investment arm Alameda Research have moved $8.28 million worth of 6 altcoins including ETH, OKB (OKB), Metal DAO (MTL), Prom (PROM), DFI.Money (YFII), and Cream Finance (CREAM) to centralized cryptocurrency exchanges in the last 4 hours. According to the data, FTX and Alameda Research have dumped $707 million worth of 91 assets into the market by transferring them to centralized cryptocurrency exchanges since October 24, 2023.
Asset Sales by Celsius Network Accelerate
Spot On Chain reported just a day earlier, on January 26, that Celsius Network had transferred ETH worth $1.02 billion to various centralized cryptocurrency exchanges for liquidation. The bankrupt crypto lending company was found to have transferred 305,254 ETH worth $674 million to Coinbase Prime, 146,507 ETH valued at $324 million to Paxos, and 7,800 ETH worth $17.02 million to FalconX.
Since November 13, 2023, Celsius Network has moved over 780,000 ETH valued at more than $2 billion to FalconX, Coinbase, OKX, and Paxos.
